Greenwich LifeSciences Inc 2025年度报告

Form 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39555 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for thepast 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required tobe submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files). Yes☒No☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will notbe contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or anyamendment to this Form 10-K.☒ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See thedefinitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates based on a closing sale price of $9.07 per share, which was the lastsale price of the common stock as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $56million. As of May 26, 2026, 14,678,208 shares of the registrant’s common stock, $0.001 par value per share, were issued and outstanding. TABLE OF CONTENTS PagePART IItem 1Business6Item 1ARisk Factors23Item 1BUnresolved Staff Comments54Item 1CCybersecurity54Item 2Properties54Item 3Legal Proceedings54Item 4Mine Safety Disclosures54PART IIItem 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities55Item 6[Reserved]55Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations55Item 7AQuantitative and Qualitative Disclosures About Market Risk58Item 8Financial Statements and Supplementary Data58Item 9Changes In and Disagreements with Accountants on Accounting and Financial Disclosure58Item 9AControls and Procedures58Item 9BOther Information58Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections.58PART IIIItem 10Directors, Executive Officers, and Corporate Governance59Item 11Executive Compensation63Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters64Item 13Certain Relationship and Related Transactions, and Director Independence65Item 14Principal Accountant Fees and Services66PART IVItem 15Exhibits67Item 16Form 10-K Summary67SIGNATURES682 Table of Contents Forward-Looking Statements This Annual Report on Form 10-K contains forwar